Gas field (illustrative)
Gas field (illustrative)Flash90

Israel took an economic hit from fighting Hamas terrorists in Operation Protective Edge, with the summer war causing an 0.3% reduction in the country's GDP (Gross Domestic Product).

But no need to worry according to the Bank of Israel - the country made its lost fortune back thanks to the fruits of its offshore natural gas reserves, which contributed 0.3% to the national economy in 2014.

The data came from a report issued by the Bank earlier in the week on the activities of the companies responsible for extracting natural gas from Israel's offshore fields, how much they pay in taxes and royalties, and what the general economic impact of the gas stores are on the economy.

Thanks to the gas royalties, the Bank said, the country's current account balance – the amount of money spent on exports versus imports – was positive in 2014, with the country exporting $9 billion more than it imported, a figure that represents 3% of GDP.

In 2013, that figure was $6.9 billion, and in 2012 it was $2.1 billion.

In a statement, the Bank said that an increase in investments in companies searching for gas also helped reduce the amount of credit that companies sought.

Many of the investments were made by foreign companies, which contributed to economic activity but did not borrow money from Israeli banks – causing a ratio percentage reduction in the amount of credit the economy was sustaining.